Police investigates fraud against Konecranes subsidiary
One of Konecranes foreign subsidiaries has become the victim of a fraud, the company said in its press release. The perpetrators have through identity theft and other fraudulent actions managed to induce the subsidiary to make unwarranted payments in a total amount of up to EUR 17.2 million. Konecranes has reported the crime to the police authorities in the relevant countries and is working closely with the authorities to recover its losses and to bring the perpetrators of the fraud to justice.
Konecranes has a crime insurance covering the whole group of companies in which the sum insured is EUR 10 million.
Since the potential losses caused by the fraud are extraordinary costs, which do not affect Konecranes ability to generate operating profit, they will not affect the 2015 financial guidance previously published by Konecranes.
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity-enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes. In 2014, Group sales totaled EUR 2,011 million. The Group has 11,900 employees at 600 locations in 48 countries.
